KUALA LUMPUR (March 15): FGV Holdings Bhd said the Federal Land Development Authority (Felda) has bought another 297,800 shares in the company on Friday (March 12).
Today is the closing date for Felda’s mandatory general offer to acquire all FGV shares which it does not already own at RM1.30 per share, as it intends to take FGV private.
The deadline has been moved three times from the original date of Feb 2.
Based on FGV’s filings, it is unclear whether FGV and the persons acting in concert (PACs) have already reached the threshold needed to take FGV private – namely 90% of FGV shares.
The offeror, having owned 50.49% in FGV together with the PACs when the takeover offer turned unconditional, needed another 44.56% in order to obtain the green light for FGV to be delisted, back-of-the-envelope calculations show.
FGV’s filing dated March 11 showed that Felda has a combined direct and indirect interest of 74.08% in FGV.
The latest acquisition brings Felda’s direct interest in FGV to 2.25 billion shares or 61.685%, added with another 452.92 million shares or 12.415% indirect interest in the plantations group, or a total stake of 74.1%.
However, Felda’s statement via Maybank Investment Bank Bhd dated Feb 25 said that Felda and the PACs already have 76.32% in FGV, not including 0.09% in the form of acceptances at the time.
FGV is valued at RM4.74 billion, based on its share price of RM1.30 – a 71.43% discount to its initial public offer price of RM4.55 in 2012.